Gerald A. Tomsic

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Whats New

  • Recent Developments in California Corporations and Limited Liability Companies
  • 1) Effective for corporations formed on or after 1/1/2000 it is no longer required to deposit prepaid California Franchise Tax. In addition, there is no minimum tax for the first two years. This means that to form a corporation the initial costs with the Secretary of State are $100 plus the over the counter fee of $15.
  • Note: This means a one person corporation or simple corporation will cost less than $1,000 upon formation.
  • 2) Effective 1/1/2000 a limited liability company formed in California may be formed with just one member.
  • 3) The Franchise Tax Board has increased the gross receipts tax on limited liability companies. Example after 1/1/2000 annual fee is $865 where gross receipts are up to $500,000.

Areas of Practice

  • Business
  • Buying and Selling a Business
  • Corporate and Partnership Law
  • Estate Planning
  • Limited Liability Companies
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